We're throwing a BIG party next year. Our friends have agreed to contribute.
The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest.
This is not a business venture and we will not be making a profit.
As large amounts of money is being dealt with, do we need to set up a business? Is there a way that this can be "gifted"?
As I run a business separate to this, should I inform HMRC?